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Last updated on:
16 December 2024

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A new type of crypto scam called “pig butchering” is becoming more prevalent.

These sophisticated cons use personalized deception to trick even the most experienced market players. In just 2 minutes, learn what to look for and how to avoid these scams. What Are The New Pig Butchering Crypto Scams
“Pig butchering” schemes are as sinister as they sound. Scammers build trust with their victims through social platforms and then try to get them to invest in fake cryptocurrency ventures, draining their finances.

Victims of “pig butchering” crypto scams not only lose their money but also suffer the emotional trauma from such personalized deceit. The FBI’s latest data on crypto fraud is alarming: $5.6 billion lost to crypto scams, a 45% increase from the previous year. (Chainalysis)

Scott Simmons, a Wisconsin detective, recently unraveled a $551,000 crypto scam that started with friendly messages and ended in cold reality.

It began with a social media chat, where the victim felt a genuine connection. The scammers lured them onto a fake crypto platform, showing screenshots of fake profits to build trust. At first, the victim sent small amounts. But as the illusion grew, so did the transfers—15 total transactions in USD Coin.

The game fell apart when the victim tried to cash out their so-called profits and hit a wall. Simmons traced the trail to a single wallet holding $4.6 million, which had washed through countless addresses before locking up the stolen funds. Last year, around $110 million was lost via this scam tactic, with those over 60 years old being three times more likely to fall victim.

How to Defend Against Pig Butchering Scams
The first step to avoid “pig butchering” scams is to educate your friends, family, and loved ones about these tactics. Understanding scam strategies and exercising caution in digital exchanges can be your strongest defense. If someone sends you a message, no matter how friendly or, in some cases, coercive, never share any of your private information or funds.

Many scams are currently located in the crypto space. Be skeptical. Do your due diligence before making any investments. The chances of making a regretful mistake are severely diminished when you have knowledge backing up your decision. EXPLORE: Who Is Ray Dalio? Founder Of World’s Largest Hedge Fund Latest to Back Bitcoin
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Disclaimer: Crypto is a high-risk asset class.

This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

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